Delphi Digital analyst Jason Pagoulatos released a report arguing that speculation will be the defining theme of the next decade, recommending investors hold trading platforms rather than the assets traded on them. The report cites the AI infrastructure boom and speculative demand driven by pressures from housing, debt, and employment as intensifying forces simultaneously. The report disclosed that prediction market platforms Kalshi and Polymarket recorded combined trading volume of $530 billion in July 2026, approximately 25 times the same period last year. Robinhood's event contract revenue reached $156 million in Q2 2026, surpassing its equities ($129 million) and cryptocurrency ($100 million) segments. Hyperliquid and Lighter were highlighted as leading on-chain platform representatives. Delphi Digital flagged litigation risk and the vulnerability of platform revenues to market cycle fluctuations.